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What Are Cryptocurrency
Cryptocurrency is an digital asset that is based on blockchain technology and can circulate without the centralized authority of a bank or government.
Till date there are 24,630 cryptocurrencies projects out there in the cryptocurrency market that is estimated to reach $4.94 billion by 2030.
Top 10 Best Cryptocurrencies That Will Be Most Beneficial In 2024
1. Bitcoin (BTC)
Market Cap : $959.8 Billion
Bitcoin was created by Satoshi Nakamoto in 2009, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Bitcoin is kept secure and safe from fraudsters.
Bitcoin price has been skyrocket, In May 2016 you could buy 1 BTC for $500. As of Feb 2024, the value of 1 BTC is $48,902. Which is around 9,680% growth.
2. Ethereum (ETH)
Market Cap : $96.7 Billion
Ethereum is both a cryptocurrency and a blockchain platform, Ethereum is favorite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).
Ethereum has also experienced tremendous growth. From April 2016 to the end of February 2024, its price went from about $11 to around $2,620, increasing 23,722%.
3. Tether (USDT)
Market Cap : $96.7 Billion
Unlike some other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning it’s backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those denominations. In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favored by investors who are wary of the extreme volatility of other coins.
4. Solana (SOL)
Market Cap : $48.2 billion
Developed to help power decentralized finance (DeFi) uses, decentralized apps (DApps) and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms to process transactions quickly and securely. SOL, Solana’s native token, powers the platform.
When it launched in 2020, SOL’s price started at $0.77. By late February 2024, its price was around $110.19, a gain of 14,210%.
5. Binance Coin (BNB)
Market Cap : $47.9 billion
Binance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.
BNB’s price in 2017 was just $0.10. By late February 2024, its price had risen to around $320, a gain of 320,295%.
6. XRP (XRP)
Market Cap : $28.3 Billion
Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies.
At the beginning of 2017, the price of XRP was $0.006. As of Feb. 13, 2024, its price reached $0.52, equal to a rise of 8,539%.
7. U.S. Dollar Coin (USDC)
Market Cap : $27.8 Billion
Like Tether, USD Coin (USDC) is a stablecoin, meaning it’s backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you can use USD Coin to complete global transactions.
8. Cardano (ADA)
Market cap : $19.1 billion
Somewhat later to the crypto scene, Cardano (ADA) is notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing the competitive, problem-solving aspect of transaction verification in platforms like Bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which ADA, its native coin, powers.
Cardano’s ADA token has had relatively modest growth compared to other major crypto coins. In 2017, ADA’s price was $0.02. As of Feb. 13, 2024, its price was at $0.54. This is an increase of 2,594%.
9. Avalanche (AVAX)
Market cap: $14.5 billion
Avalanche delivers two important features: fast transaction speeds and low transaction fees. AVAX also has a healthy total value locked (TVL) or amount of money deposited in decentralized finance. TVL is the total value of crypto assets deposited in a decentralized finance (DeFi) protocol, such as staking, lending or liquidity pools.
A high TVL indicates the popularity of a protocol and the adaption rate of a particular cryptocurrency. Avalanche’s price today is $39.
Chainlink (Link)
Market cap: $11.6 billion
Chainlink is one of the first blockchains with the ability to integrate off-chain data into smart contracts. With the help of Chainlink, other blockchains gain the ability to interact with information that exists off-chain—including data feeds and payment methods—which, in turn, allows them to better execute smart contracts.
As a result of this innovative service, Chainlink has gained the attention of a handful of data providers, including Huobi and Brave New Coin. Chainlink’s price today is $39.
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